Month: July 2021

Posted on

Philips delivers Q2 sales of EUR 4.2 billion, with 9% comparable sales growth; net income amounts to EUR 153 million and Adjusted EBITA margin improves 280 basis points to 12.6%; company announces EUR 1.5 billion share buyback program

July 26, 2021

Second-quarter highlights

  • Group sales increased to EUR 4.2 billion, with 9% comparable sales growth
  • Comparable order intake decreased 15%, with strong double-digit growth in the Diagnosis & Treatment businesses and a decline in the Connected Care businesses on the back of COVID-19-related 167% growth in Q2 2020
  • Income from continuing operations decreased to EUR 65 million due to a EUR 250 million provision related to field actions to address a component quality issue. Income from continuing operations was EUR 195 million in Q2 2020.
  • Adjusted EBITA increased to EUR 532 million, or 12.6% of sales, compared to EUR 390 million, or 9.8% of sales, in Q2 2020
  • Operating cash flow amounted to EUR 332 million, compared to EUR 446 million in Q2 2020
  • Free cash flow was EUR 167 million, compared to EUR 212 million in Q2 2020

Frans van Houten, CEO:

“We have mobilized the necessary resources across the company to address the component quality issue in certain of our sleep and respiratory care products. We fully understand the impact that this is having on patients, as their well-being is at the heart of everything we do at Philips. We are in discussions with the relevant regulatory authorities to obtain authorization to start deploying the repair kits and replacement devices that we are producing.

I am pleased with the good performance momentum in all our businesses except the Sleep & Respiratory Care business, as we delivered a strong 9% comparable sales growth and 280 basis points profitability improvement for the Group in the quarter. I am particularly encouraged by the 29% order intake growth in our Diagnosis & Treatment businesses, as well as the strong growth of our Personal Health businesses.

In the quarter, we introduced exciting innovations, such as the new Spectral CT 7500 to help improve disease characterization and reduce rescans and follow-ups. The integration of BioTelemetry and Capsule Technologies is proceeding well, and our customers appreciate the expanded portfolio of end-to-end patient care management solutions from the hospital to the home. We entered 12 new long-term strategic partnerships, building on the strength of our portfolio and demonstrating the trust hospital leaders have in our ability to enhance health outcomes and lower the cost of care, while improving patient and staff experience.

Confident in our strategy and financial trajectory, we are launching a new share buyback program of EUR 1.5 billion in line with our balanced capital allocation policy.

Looking ahead, while we continue to see uncertainty related to the impact of COVID-19 across the world and electronic component shortages, our financial outlook remains within our guided range, with low-to-mid-single-digit comparable sales growth and an Adjusted EBITA margin improvement of 60 basis points expected for the Group in 2021.”

Business segment performance

The Diagnosis & Treatment businesses recorded 16% comparable sales growth, with double-digit growth in all businesses. Comparable order intake increased 29%, with strong double-digit growth in Image-Guided Therapy, Ultrasound and Diagnostic Imaging. The Adjusted EBITA margin increased to 13.2%, mainly driven by sales growth and productivity measures.

Comparable sales in the Connected Care businesses decreased 16%, as mid-single-digit growth in Hospital Patient Monitoring was more than offset by a double-digit decline in Sleep & Respiratory Care. Comparable order intake decreased significantly following the steep COVID-19-related increase in Q2 2020. The Hospital Patient Monitoring business continues to perform well above 2019 levels. The newly acquired BioTelemetry and Capsule Technologies businesses continue to deliver strong sales growth with increasing profitability. The Adjusted EBITA margin amounted to 11.3%, mainly due to the impact in the Sleep & Respiratory Care business.

The Personal Health businesses recorded a strong comparable sales growth of 33%, driven by double-digit growth across all businesses. The Adjusted EBITA margin increased to 17.0%, mainly driven by sales growth and productivity measures, partly offset by investments in advertising & promotion.

Philips’ ongoing focus on innovation and partnerships resulted in the following highlights in the quarter:

  • In China, Philips signed a contract with Gansu Provincial Maternity and Child Care Hospital to streamline and advance the delivery of critical care across multiple departments of the hospital. Philips will provide its advanced critical care information system, patient monitoring solutions and diagnostic cardiology solutions.
  • Building on their successful cooperation in MR-guided adaptive radiation therapy, Philips and Elekta deepened the partnership to advance personalized cancer care through precision oncology solutions to deliver more precise therapy, shorter treatment times, and lower cost of care.
  • Philips introduced the Spectral CT 7500 system, which delivers high-quality spectral images for a broad patient base, including cardiac, pediatric and bariatric patients, further expanding the company’s comprehensive CT portfolio, which comprises spectral and conventional CT systems, as well as radiation oncology CT systems, and advanced informatics and services.
  • Philips launched IntraSight Mobile, which offers users in hospitals and office-based labs the integration, flexibility and affordability of a single mobile system for intravascular imaging, physiology measurements and co-registration for seamless workflows and enhanced patient care. Building on the success of IntraSight, the launch will further reinforce Philips’ leading position in image- guided therapy.
  • Philips announced progress on several clinical studies including the positive two-year clinical study results for the Tack Endovascular System for dissection repair, the first patient enrollment in the DEFINE GPS multicenter study to further drive the adoption of iFR for percutaneous coronary interventions based on clinical evidence, and the start of the WE-TRUST multicenter stroke study to shorten treatment times by identifying, planning and treating ischemic stroke patients in the interventional suite. Moreover, Philips announced the first structural heart repair procedure at Mayo Clinic using its new 3D intracardiac echocardiography catheter VeriSight Pro.
  • Philips introduced its integrated Interventional Hemodynamic System with the portable Patient Monitor IntelliVue X3, providing advanced vital signs measurements at the tableside in the interventional suite and continuous monitoring across care settings. Uninterrupted patient monitoring can help to improve clinical decision making and timely detection of potential adverse events at every stage.
  • The global launch of Philips’ most advanced electric toothbrush, the Sonicare 9900 Prestige, was well received, with an average 4.7 (out of 5) star rating by consumers. The premium electric toothbrush leverages AI to optimize the user’s brushing technique, ensuring full coverage of their teeth, and instills brushing habits that improve oral health.
  • Expanding the company’s leading male grooming portfolio, Philips introduced the Shaver Series 9000 with SkinIQ technology in China. The premium shaver leverages AI and sensors to offer a personalized shave tailored to each unique skin and hair type. It will also be launched in North America and Europe in the second half of the year.

Cost savings

In the second quarter, productivity savings amounted to EUR 90 million, of which procurement savings amounting to EUR 44 million, and savings of EUR 46 million delivered by overhead and other programs.

Capital allocation
Today, Philips is announcing a new share buyback program for capital reduction purposes for an amount of up to EUR 1.5 billion. At the current share price, the program represents a total of approximately 36.8 million shares, or 4% of total shares outstanding. Philips expects to start the program in the third quarter of 2021 and to complete it within three years. It is expected that the program will be executed through a number of forward purchase transactions with one or more financial institutions and/or open market purchases by an intermediary to allow for transactions during both open and closed periods in accordance with the EU Market Abuse Regulation. Updates on the progress of the program and further details will be made available here, and through press releases as appropriate.

Under Philips’ ongoing EUR 1.5 billion share buyback program for capital reduction purposes, which was initiated in the first quarter of 2019, Philips repurchased shares in the open market and entered into a number of forward transactions. Philips had 2,500,000 shares delivered in June 2021 as part of the program, and under the currently outstanding forward contracts the company expects to have another 17,976,023 shares delivered in the remainder of 2021. These shares will be cancelled by December 31, 2021, resulting in an estimated total number of issued shares of 897 million by that date, compared to 917 million shares at the end of Q2 2021. Further details can be found here.

Domestic Appliances

On March 25, 2021, Philips announced that it had signed an agreement to sell its Domestic Appliances business to global investment   firm Hillhouse Capital. As planned, on July 1, 2021 the Domestic Appliances business became a stand-alone entity and the sale is on track for completion in the third quarter of 2021. Since the first quarter of 2021, the Domestic Appliances business (which was previously part of the Personal Health segment) is reported as a discontinued operation. Philips will continue to consolidate Domestic Appliances under International Financial Reporting Standards (IFRS) until the sale is completed.

Regulatory update

On June 14, 2021 Philips initiated a voluntary recall notification in the US/field safety notice outside the US for certain sleep and respiratory care products to address identified potential health risks related to the polyester-based polyurethane (PE-PUR) sound abatement foam in these devices.

Philips has established dedicated call centers and a device registration process to support patients. The company is increasing its production, service and repair capacity and has requested the relevant regulatory clearances for the repair and replacement actions. Subject to these regulatory clearances, Philips is ready to start deploying the repair kits and replacement devices that it is producing. Given the estimated scope of the field actions on the installed base, Philips has taken a provision of EUR 250 million in the second quarter of 2021, in addition to the provision that the company recorded in the first quarter of 2021.

Click here to view the release online

For further information, please contact:
Martijn van der Starre
Philips Global Press Office
Tel.: +31 6 2847 4617
E-mail: martijn.van.der.starre@philips.com

Derya Guzel
Philips Investor Relations
Tel.: +31 20 59 77055
E-mail: derya.guzel@philips.com

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 19.5 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Forward-looking statements and other important information

Forward-looking statements

This document and the related oral presentation, including responses to questions following the presentation, contain certain forward- looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include: statements made about our strategy; estimates of sales growth; future Adjusted EBITA; future restructuring and acquisition-related charges and other costs; future developments in Philips’ organic business; and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.

These factors include but are not limited to: changes in industry or market circumstances; economic, political and societal changes; Philips’ increasing focus on health technology and solutions; the successful completion of divestments such as the disentanglement and divestment of our Domestic Appliances businesses; the realization of Philips’ objectives in growth geographies; business plans and integration of acquisitions; securing and maintaining Philips’ intellectual property rights, and unauthorized use of third- party intellectual property rights; COVID-19 and other pandemics; breaches of cybersecurity; IT system changes or failures; the effectiveness of our supply chain; challenges to drive operational excellence, productivity and speed in bringing innovations to market; attracting and retaining personnel; future trade arrangements following Brexit; compliance with regulations and standards including quality, product safety and data privacy; compliance with business conduct rules and regulations; treasury risks and other financial risks; tax risks; costs of defined-benefit pension plans and other post- retirement plans; reliability of internal controls, financial reporting and management process. As a result, Philips’ actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see also the Risk management chapter included in the Annual Report 2020.

Third-party market share data

Statements regarding market share, contained in this document, including those regarding Philips’ competitive position, are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information.
Management’s estimates of rankings are based on order intake or sales, depending on the business.

Market Abuse Regulation

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Use of non-IFRS information

In presenting and discussing the Philips Group’s financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. Further information on non-IFRS measures can be found in the Annual Report 2020.

Use of fair value information

In presenting the Philips Group’s financial position, fair values are used for the measurement of various items in accordance with the applicable accounting standards. These fair values are based on market prices, where available, and are obtained from sources that are deemed to be reliable. Readers are cautioned that these values are subject to changes over time and are only valid at the balance sheet date. When quoted prices or observable market data are not readily available, fair values are estimated using appropriate valuation models and unobservable inputs. Such fair value estimates require management to make significant assumptions with respect to future developments, which are inherently uncertain and may therefore deviate from actual developments. Critical assumptions used are disclosed in the Annual Report 2020. In certain cases independent valuations are obtained to support management’s determination of fair values.

Presentation

All amounts are in millions of euros unless otherwise stated. Due to rounding, amounts may not add up precisely to totals provided. All reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2020.

In 2020, Philips revised the definition of net finance expenses used in the calculation of Adjusted income from continuing operations attributable to shareholders, to exclude fair value movements of limited life fund investments recognized at fair value through profit and loss. This change leads to more relevant information as the fair value movements are not indicative of Philips’ performance. The fair value movements do not represent cash items. Philips believes making this change is helpful for investors to evaluate Philips’ performance.

As announced on March 25, 2021, Philips has signed an agreement to sell its Domestic Appliances business. As of the first quarter of 2021, the Domestic Appliances business is presented as a discontinued operation. In this report, comparative results have been restated to reflect the treatment of the Domestic Appliances business as a discontinued operation. Further details of the restatement have been published on the Philips Investor Relations website and can be accessed here.

Prior-period amounts have been reclassified to conform to the current-period presentation; this includes immaterial organizational changes.

Posted on

Cryptocurrency Booming Among Kenyan Farmers

KILIFI, KENYA – Cryptocurrencies make headlines for shaking up the financial world, but they are also gaining ground in less developed countries. In Kenya, an American economist, who introduced blockchain technology for low-income urban customers, has extended the cashless system to the countryside.

On a lush green farm in Kilifi on Kenya’s tropical Indian Ocean coast, 26-year-old farmer Emmanuel Kahindi is harvesting tomatoes and other vegetables. He is using Kenya’s cryptocurrency, Sarafu, to sell his vegetables, and to buy supplies without having to use any cash.

Sarafu helped me a lot, he said, especially because it makes me save my money, my Kenyan currency. He said he uses Sarafu to purchase things for the garden like seeds and fertilizer.

Sarafu coins work like vouchers that can be exchanged for goods or services of other users of the currency. Anyone with a Kenyan mobile phone line can enroll. Users are given 50 Sarafu for free. After that, they earn coins by selling a product or service to another user.

Sarafu is what’s known as a community inclusion currency, or CIC, allowing people to give or take credit without having to deposit Kenyan shillings or other currency in a bank.

It was created by Will Ruddick, an American economist through his Kenyan nonprofit, Grassroots Economics. He recently introduced it to rural areas like Kilifi.

“I think that’s where there is the most chronic lack of national currency. So, I think what’s happening, we’re filling a gap. People say look, the national ledger system, the national currency it is not available for us. We can’t measure our trade in this thing,” said Ruddick.

Kahindi moved with his harvest to a nearby restaurant in Kilifi. There he offers his vegetables for selling and gets Sarafu in a return. The owner is Giataari Mwang and he said he is happy with it.

“Sarafu is good because it allows us to get our farm produce straight from local neighborhood farms and put it on our plate and serve it to our customers and they are able to pay us with Sarafu,” he said.

Bitange Ndemo is a senior lecturer at the University of Nairobi. He said such community-focused cryptocurrencies have a potential to expand beyond Kenya and in other parts of Africa.

He said that cryptocurrencies give communities an option to monetize resources in a way that they cannot do with cash, pointing at the cobalt mines in the Democratic Republic of Congo as a potential example.

“Nothing stops them from a cobalt coin based on the reserves they have in terms of cobalt. The country then can then raise sufficient resources to develop the country,” said Ndemo.

In Kenya, the coins will be based on the agriculture production across the nation and here in Kilifi.

For Emmanuel, it is time to relax after work. He is now seated in the restaurant and is using Sarafu to enjoy a well-deserved meal.

Source: Voice of America

Posted on

Family of Ugandan Weightlifter Says He Contemplated Suicide After Olympic Disqualification

KAMPALA, UGANDA – Ugandan authorities have detained weightlifter Julius Sekitoleko after he disappeared last week from the Olympic Games in Japan. His case is odd, as Sekitoleko did not qualify for the Ugandan Olympic team, and no one can explain why he was flown to Tokyo.

Ugandan authorities say they will likely grant bail to the 20-year-old weightlifter after he spent four days in detention but that he still may face charges.

Sekitoleko was deported to Uganda last week, after he was arrested by police in Japan’s Mie Prefecture. Police went looking for him after he disappeared from the Ugandan Olympic team’s training camp in Izumisano, in Osaka, Japan.

Sekitoleko competes in the elite category of 56 and 57 kilograms and has previously represented Uganda in tournaments in Kenya, Morocco and Australia. He did not qualify for this year’s Olympics.

Charles Twiine, spokesperson for Uganda’s Criminal Investigations Department, told journalists Monday that an investigation was launched to determine why Sekitoleko was flown to Japan with his coach.

“What is visibly clear here, is that there’s a probable fraud of airlifting a person with full knowledge that he had not qualified. To go and participate well knowing he is not going to participate. Now the fundamental question is, was he part of the fraud as a conspirator and it’s the reason why we are having him,” Twiine said.

The athlete’s wife, Desire Nampeewo, who is five months pregnant, told VOA she hoped that the government would “rehabilitate” her husband. Nampeewo said she was surprised that officials want to charge him instead.

She said life has not been easy for the athlete as he he isn’t financially stable, his life has been a struggle, he sleeps on the floor and doesn’t have enough food suitable for an athlete. She said he really wanted to participate but lost his mind when he was told he didn’t qualify and started wandering unconsciously. She said he even wanted to kill himself.

Mark Namanya, a Ugandan sports analyst, says the athlete’s disappearance from the training camp is not a new thing. He argues that many athletes who represent Uganda at the highest level come from very deprived backgrounds and see tournaments as a way out.

“It’s an opportunity for them to start a new life. I was in Australia three years ago. Uganda sent, I think it’s biggest team to the Commonwealth Games and five athletes vanished. I can tell you with certainty that Sekitoleko’s case is neither the first nor the last,” Namanya said.

It is not clear what charges may be filed against Sekitoleko.

Investigating officers say they continue to record statements from the Olympic Committee and will wait for officials currently in Japan to return to explain why Sekitoleko was allowed to travel.

Source: Voice of America

Posted on

Cameroon: Civilians Flee After Deadly Boko Haram Attack

Cameroon says hundreds of civilians have fled Sagme, a northern village on the border with Nigeria, after a Boko Haram attack Saturday that left eight government troops dead and 13 wounded, according to a press release. The Cameroonian military deployed to the area and said fighters were also killed.

Cameroon’s military says about 90 heavily armed terrorists on six military tactical vehicles and several motorcycles entered the country from Nigeria Saturday, launching attacks on Sagme village.

Sagme is located in Cameroon’s Far North region that shares a border with Nigeria’s Borno state, said to be an epicenter of jihadist group Boko Haram.

The press release by Army Captain Cyrille Serge Atonfack Guemo says the troops fought back but did not say how many combatants were killed. Guemo said the fighters escaped to Nigeria carrying bodies of their dead peers.

Midjiyawa Bakari, governor of Cameroon’s Far North region, said six of the Cameroonian troops were killed on the spot while the other two died while being transported to a hospital in the northern town of Maroua. He said many troops suffered severe wounds during the intense shootout with Boko Haram terrorists but managed to escape. Bakari said he is extending the condolences of Cameroon’s President Paul Biya to the families of the soldiers killed.

Cameroon’s military said Biya immediately ordered the deployment of more troops to secure the country’s territory and civilians.

Bakari said several hundred civilians escaped from Sagme and neighboring villages to the bush for safety. He said the fleeing civilians should return to their villages as the military has been redeployed to protect lives and property.

He said people who think that Boko Haram has been eradicated from northern Cameroon are wrong. He said he is calling on civilians to help the military fight the terrorists through information sharing.

Bakari said he has asked traditional rulers, the clergy and community leaders to remobilize self-defense groups, especially along the border with Nigeria.

The Nigerian government has not issued a statement regarding the attack. But the Multinational Joint Task Force of the Lake Chad Basin Commission, comprising troops from Cameroon, Nigeria, Chad and Benin, has acknowledged the incident and said the fighters crossed over from Nigeria.

Security analyst and former military spokesman Didier Badjeck says the Cameroonian military alone cannot defeat Boko Haram terrorists.

He said Boko Haram has been infiltrating many localities on the northern border with Nigeria and that it is very difficult for the military to detect the terrorists if civilians do not collaborate by reporting strangers in all border towns and villages. Badjeck said churches and mosques should ask civilians to stop lodging visitors and giving strangers food, thinking that they are obeying religious teachings.

Badjeck said fighters may be disguising themselves as ranchers moving around in search of food for their cattle or as farmers visiting markets to sell crops.

In December 2020, Bakari said Boko Haram was establishing ties with top officials of his region. The revelation came after Cameroon’s military arrested Blama Malla, a former lawmaker, for allegedly supplying cattle to the Nigerian terrorist group. Malla was detained in the northern town of Mora.

Boko Haram terrorists have been fighting for 11 years to create an Islamic caliphate in northeast Nigeria. The fighting has spread to Cameroon, Chad, Niger and Benin, with regular killings, burnings of mosques, churches, markets and schools, and attacks on military installations.

The United Nations reports that Boko Haram violence has killed 30,000 people and displaced about two million in Nigeria, Cameroon, Niger and Chad.

Source: Voice of America

Posted on

Man Accused of Attempted Assassination of Mali President Dies in Custody

A man accused of attempting to stab Mali’s interim President Assimi Goita last week has died in hospital while in the custody of security services, the government said in a statement on Sunday.

Goita, a special forces colonel who orchestrated two coups in the last year, escaped unharmed after the assailant tried to stab him during prayers at a mosque in the capital Bamako on Tuesday.

Security agents threw a man into the back of a military pickup truck, video obtained by Reuters showed, as Goita was ringed by bodyguards.

“During the investigations … his state of health deteriorated,” the statement said. He was taken to hospital, where he died, it said.

An investigation is underway to determine the cause of death.

Mali, the theatre of French-supported operations against al Qaeda and Islamic State-linked insurgents for a decade, was thrown into political turmoil after a military junta led by Goita toppled President Ibrahim Boubacar Keita in August 2020.

Goita served as vice-president to transitional leader Bah Ndaw until the latter’s ouster in May.

Source: Voice of America

Posted on

28 Abducted Baptist School Students Freed in Nigeria

Armed kidnappers in Nigeria have released 28 of the more than 120 students who were abducted at the beginning of July from the Bethel Baptist High School in the northern town of Damishi.

Church officials returned those children to their parents at the school on Sunday. But the Rev. Israel Akanji, president of the Baptist Convention, said more than 80 other children are still being held by the gunmen.

So far 34 children kidnapped from the school on July 5 have either been released or have escaped from the custody of the gunmen. It is unclear when the other children will be released. The gunmen have reportedly demanded 500,000 Naira (about $1,200) for each student.

Akanji said the church did not pay any ransoms because it is opposed to paying criminals, but he added the church was unable to stop the children’s families from taking any actions they deem fit to secure their release.

A spokesman for the Nigerian Police, Mohammed Jalige, said security forces and civilian defense forces were on a routine rescue patrol July 12 around the forests near the village of Tsohon Gaya when they found three exhausted kidnapped victims roaming in the bush. Two other students escaped on July 20 when they were ordered to fetch firewood from a nearby forest. Jalige said they were undergoing medical examinations.

Gunman called bandits have carried out a spate of mass abductions from schools in northern Nigeria this year, mainly seeking ransoms.

Nigerian President Muhammadu Buhari, who won election on hopes that he would tackle Nigeria’s security challenges, has not been able to do much in addressing the growing cases of mass abductions from Nigerian schools.

Source: Voice of America

Posted on

Toga Limited’s Majority Owned Subsidiary Eostre Berhad is Appointed as the E-commerce Platform Provider for Hayes Products by Vicex PLT

PETALING JAYA, Malaysia, July 23, 2021 (GLOBE NEWSWIRE) — Toga Limited’s (OTC: TOGL) Majority Owned Subsidiary Eostre Berhad, has been officially appointed by Vicex PLT as its e-commerce online crossover platform provider to exclusively sell Hayes products to members of both companies. Eostre is now tasked with providing the platform with the URL, “int.eostre.biz”, as the e-commerce online crossover platform.

“We are pleased to establish this collaboration between Vicex and Eostre. This collaboration will further grow Eostre’s product range and customer base globally,” said Eostre Berhad General Manager, Ms. Low Kah Fong.

“We anticipate both companies will jointly expand the awareness and demand for the Hayes range of premium sanitary napkins. This is also seen as being in line with Eostre’s vision of becoming an international brand with world-leading innovative healthcare products,” said Ms. Low.

Contact:

Alexander D. Henderson
TOGA LIMITED, 515 S. Flower Street, 18th Floor, Los Angeles, CA 90071
(949) 333-1603
info@togalimited.com

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact (including, but not limited to, statements to the effect that Toga Limited or its management (the “Company”) “anticipates,” “plans,” “estimates,” “expects,” or “believes,” or the negative of these terms and other similar expressions) should be considered forward-looking statements, including, without limitation, statements regarding the Company’s guidance, outlook, growth, opportunities and long-term strategy. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks and uncertainties include, without limitation, risks associated with the impact of the COVID-19 pandemic; the Company’s ability to execute on its long-term strategy; the Company’s ability to successfully compete in its intensely competitive industry; the Company’s ability to manage its growth; the Company’s ability to maintain or improve its operating margins; the Company’s ability to identify and react to trends in consumer preferences; product supply disruptions; general economic conditions; accounting standard changes; and other factors as set forth from time to time in the Company’s Securities and Exchange Commission filings, including, without limitation, the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company intends these forward-looking statements to speak only as of the time of this Press Release and does not undertake to update or revise them as more information becomes available, except as required by law.

Posted on

UN Experts: Africa Became Hardest Hit by Terrorism This Year

Africa became the region hardest hit by terrorism in the first half of 2021 as the Islamic State and al-Qaida extremist groups and their affiliates spread their influence, boasting gains in supporters and territory and inflicting the greatest casualties, U.N. experts said in a new report.

The panel of experts said in a report to the U.N. Security Council circulated Friday that this is “especially true” in parts of West and East Africa where affiliates of both groups can also boast growing capabilities in fundraising and weapons, including the use of drones.

Several of the most successful affiliates of the Islamic State are in its central and west Africa province, and several of al-Qaida’s are in Somalia and the Sahel region, they said.

The experts said it’s “concerning” that these terrorist affiliates are spreading their influence and activities including across borders from Mali into Burkina Faso, Ivory Coast, Niger and Senegal as well as incursions from Nigeria into Cameroon, Chad and Niger in West Africa. In the east, the affiliates’ activities have spread from Somalia into Kenya and from Mozambique into Tanzania, they said.

One of “the most troubling events” of early 2021 was the local Islamic State affiliate’s storming and brief holding of Mozambique’s strategic port of Mocimboa da Praia in Cabo Delgado province near the border with Tanzania “before withdrawing with spoils, positioning it for future raids in the area,” the panel said.

Overall, the experts said, COVID-19 continued to affect terrorist activity and both the Islamic State, also known as ISIL, and al-Qaida “continued to gloat over the harm done by the coronavirus disease pandemic to their enemies, but were unable to develop a more persuasive narrative.”

“While ISIL contemplated weaponizing the virus, member states detected no concrete plans to implement the idea,” the panel said.

In Europe and other non-conflict zones, lockdowns and border closures brought on by COVID-19 slowed the movement and gathering of people “while increasing the risk of online radicalization,” it said.

The experts warned that attacks “may have been planned in various locations” during the pandemic “that will be executed when restrictions ease.”

The panel said that in Iraq and Syria, “the core conflict zone for ISIL,” the extremist group’s activities have evolved into “an entrenched insurgency, exploiting weaknesses in local security to find safe havens, and targeting forces engaged in counter-ISIL operations.”

Despite heavy counter-terrorism pressures from Iraqi forces, the experts said Islamic State attacks in Baghdad in January and April “underscored the group’s resilience.”

In Syria’s rebel-held northwest Idlib province, the experts said groups aligned with al-Qaida continue to dominate the area, with “terrorist fighters” numbering more than 10,000.

“Although there has been only limited relocation of foreign fighters from the region to other conflict zones, member states are concerned about the possibility of such movement, in particular to Afghanistan, should the environment there become more hospitable to ISIL or groups aligned with al-Qaida,” the panel said.

In central, south and southeast Asia, the experts said Islamic State and al-Qaida affiliates continue to operate “notwithstanding key leadership losses in some cases and sustained pressure from security forces.”

The experts said the status of al-Qaida leader Ayman al-Zawahiri “is unknown,” and if he is alive several unnamed member states “assess that he is ailing, leading to an acute leadership challenge for al-Qaida.”

Source: Voice of America

Posted on

Secretary Austin: US Strikes in Somalia Result of Mogadishu’s ‘Increased Op Tempo’ Against al-Shabab

U.S. Secretary of Defense Lloyd Austin said Saturday that U.S. airstrikes targeting al-Shabab in Somalia over the past few days were undertaken because Somali forces are intensifying their offensive against the al-Qaida-affiliated terror group.

“Most recently what’s happened is our partner forces have increased their op[erational] tempo, and they have been pushing back on al-Shabab in a more significant way,” Austin told reporters traveling with him to Eielson Air Force Base in Alaska.

“The result of that is some engagements that were fairly intense, and we conducted those strikes to support our partner forces,” he added.

U.S. Africa Command targeted al-Shabab with two airstrikes on July 20 and July 23, following a nearly six-month hiatus that began when President Joe Biden took office.

The Somali military has been embroiled in a fierce struggle on the ground with al-Shabab in Galmudug state, the region targeted in both U.S. strikes.

Pentagon press secretary John Kirby told VOA and other reporters traveling aboard a U.S. military aircraft Friday that U.S. troops were not on the ground with Somali forces during the strikes but were conducting a remote advise-and-assist mission.

Further information was not provided because of “operational security.”

The U.S. military carried out 63 airstrikes against al-Shabab in 2019 and 53 airstrikes last year.

Another seven airstrikes were launched in the first 2½ weeks of 2021, before former U.S. President Donald Trump left office.

U.S. officials explained the slowdown by citing a Biden administration review of the military’s airstrike policy. Senior Somali officials concerned with the lack of strikes had warned it would allow al-Shabab “to come out of hiding.”

Late last month, Africa Command’s commander, General Stephen Townsend, told a virtual defense forum that the spread of terrorism across Africa “has continued relatively unabated,” singling out al-Shabab as a major concern.

“We see threats in Somalia to regional stability,” he said. “We even see threats there to the U.S. homeland.”

Source: Voice of America

Posted on

Upper Canada Mining announces Mr. James Beals as Interim Chairman and CEO

CALGARY, Alberta, July 23, 2021 (GLOBE NEWSWIRE) — The Management and Directors of Upper Canada Mining Inc (UCM), a private Canadian company in the business of mining, exploration and production, primarily in gold and silver, are pleased to announce the appointment of Mr. James Beals as Interim Chairman and CEO effective immediately.As Interim Chairman and CEO, Mr. Beals will be overseeing all aspects of operations of the company. Mr. Beals has been acting in the capacity of Vice President and Chief Operating Officer and will succeed James Crawford and Paul Haber who have left the company through mutual agreement to pursue other interests. Management was quoted as saying, “We are sad to see these two highly valued and professional individuals part company with us and we wish them both the utmost success in their respective future undertakings.”

Management was also quoted as saying, “We are looking forward to working with Mr. Beals in this role as we have known and worked with him previously and always found him to be a dedicated professional who is committed and diligent in all his endeavours.”

Mr. Beals brings over 30 years of experience in High Tech and Telecommunications consulting. In addition, he has over 15 years of management consulting experience. He has held positions in administration and management, and financial consulting. He has worked with two of the largest technology companies (Dell, HP) prior to making his career change to financial/investment management, business consulting and technology integration. He has held licenses in the insurance and financial consulting industries in Ontario and is a graduate of Algonquin College in Ottawa, Canada, in Electronics Engineering Technology.

He is currently Chairman of his own international private management consultancy, The Dunn Group, where he is involved in a number of consulting projects ranging from technology to minerals & mining to sales & marketing to finance and international trade. From that role he brings a wealth of both technology experience and management & financial consulting experience as well as a substantial network of contacts in the sales & marketing and financial sectors.

His relationship with the resources industry goes back to the days of his father who was an executive and manager for many years working with INCO and Sherritt International. His interests in, and experience with, the Canadian natural resources industry continues to this day culminating in this most recent appointment.

Management went on to say, “Mr. Beals is an experienced executive manager and leader and we are looking forward to his continued contribution to the company in this capacity.”

About Upper Canada Mining Inc.
Upper Canada Mining is a private company incorporated and registered in Canada that is in the business of mining, exploration and production, primarily in gold and silver.
UCM recently executed an Option Agreement with Strategic Metals and is focused on the Mt. Hinton project in Yukon Territory.

For further information and updates contact:
Investor Relations: Christina Rao, VP IR, 604-723-7480
ir@ucmining.com

Proudly powered by WordPress